Saudi Arabia Energy Minister Minister Khalid al-Falih worried about Asia’s future energy security

Heinz-Peter Bader | Reuters

Saudi Arabia’s Energy Minister Khalid al-Falih talks to journalists during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, November 30, 2016.

Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he was worried about future energy security, especially in Asia, because of strong demand growth, and reiterated his country’s support for a global oil supply cut pact ahead of an OPEC meeting later this month.

“I am concerned about future energy security — especially in Asia, where demand is rising much faster than the industrialized economies. Without the higher investment levels… energy security may be fatally compromised,” Falih said in a speech in Bangkok.

Falih said the oil market’s supply and demand balances continued to tighten and global oil inventories are falling, while compliance with the OPEC-led pact to curb supplies has been “excellent”.

The Organization of the Petroleum Exporting Countries meets next on Nov. 30 in Vienna.